Is this the ASX's cheapest gold developer?, page-32

That's very possible for a few good reasons. Firstly, NST's share price is only a whisker off all time highs. Secondly, it would make sense for them to move before financing is arranged as they might as well finance the project themselves. And thirdly, making a move just after the release of the optimised BFS would help the NST board justify the premium they will have to pay to make a successful T/O to the existing NST shareholders and market in general.

Saying that, I wouldn't accept anything under 45cents at present. I expect the optimised BFS will be very robust and there is a lot of blue sky potential to EAR which is not factored into the BFS (such as toll treating smaller stranded deposits). We're half way through the quarter now so not long to go before we get the BFS, the green light to go ahead and financing is secured if NST doesn't make a move.

All my opinion, DYOR.